A prominent cryptocurrency analyst and trader suggests that Bitcoin (BTC) might be on the brink of a significant breakout as it fluctuates around the $96,000 mark.
The analyst, known by the alias DonAlt, shares insights with his 65,700 YouTube subscribers on the Technical Roundup channel, noting that Bitcoin’s market structure is consistently improving on the daily chart, signaling a potential explosive movement ahead.
“I believe it’s tightening more and more, and with each passing day, a breakout seems increasingly likely, especially in light of the recent headlines…
I expect we will climb a bit higher than our current position…
When you look at the bodies of these candles, it’s quite peculiar—there’s minimal size initially, but they are getting progressively larger. This pattern is likely to culminate in a breakout soon.”
Nonetheless, he cautions that if Bitcoin’s upward movement gets invalidated, it might retrace to the $40,000 or even the $30,000 range.
“In the event of a breakdown, the maximum downside could be around $40,000. I don’t foresee it dropping below that. However, a range of $30,000-$40,000 wouldn’t be surprising to me. Even touching the lower $30,000s would represent a 72% pullback.”
Currently, Bitcoin is priced at $96,485, having decreased by 1.4% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Note that The Daily Hodl participates in affiliate marketing.
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